doesn't make sense at all.

The Reliance conglomerate is pretty much one and the same with the Indian Govt when it comes to policy making and legislation. Its unlikely they would spend resources putting together a 50 person team to study the applications of cryptos and blockchain unless they know there is a future for them for certain in India. In my view, this is a plus for cryptos in India as the current state of no legislation leaves Indian crypto investors wondering when the Govt will come knocking at their door. The Jio coin is a further step towards the Govt eventually having no choice but to come out with sensible regulation and taxation policies for Indian citizens.